THE EU AIFM Directive and the Cayman Islands

The European Parliament and the Council of the European Union have each now voted to approve different versions of the Directive on Alternative Investment Fund Managers (the "Directive"). The Directive contains many new provisions which will affect alternative investment fund managers ("Managers") which are subject to the Directive. The attached update focuses simply on the potential ways in which a Manager will be able to market funds formed in Third Countries (such as the Cayman Islands) to investors based in the European Union.